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    Dyman & Associates Risk Management Projects: New Chip can Turn Smartphone into 3D Scanner

    3 years agoReply
    With 3D printers all but widely-known now, it only remains to have an accurate and portable 3D scanner to practically produce anything on-the-go. The current 3D scanners are all bulky and very expensive but we may soon have that functionality installed in our smartphones.

    A team of CalTech researchers led by Ali Hajimiri has designed a small camera chip that can enable a smartphone to do an accurate 3D scan of an object.

    The tiny silicon chip called nanophotonic coherent imager (NCI) only measures one millimeter square and can conveniently be placed within smartphones. It uses a type of Light Detection and Ranging (LIDAR) technology in capturing an item's width, depth and height. Basically, a laser is shined on the object so the light waves that bounce off of it can serve as guide for the imager when capturing the measurement data.

    The technology used on the chip is further explained by Caltech:

    "Such high-res images and data provided by the NCI are made possible because of an optical concept known as 'coherence'. If two light waves are coherent, the waves have the same frequency, and the peaks and troughs of light waves are exactly aligned with one another. In the NCI, the object is illuminated with this coherent light. The light that is reflected off of the object is then picked up by on-chip detectors, called grating couplers, that serve as 'pixels', as the light detected from each coupler represents one pixel on the 3-D image."

    According to Dyman & Associates Risk Management Projects ( ), LIDAR technology is commonly used in self-driving cars, robots and precision missile systems due to its effectiveness in identifying locations and objects. Although the concept of LIDAR is not that new, their idea of having "an array of tiny LIDARs on our coherent imager can simultaneously image different parts of an object without the need for any mechanical movement" is a novel one.

    Basically, every pixel on the sensor can separately assess the intensity, frequency and phase of the reflected waves, thereby creating a piece of 3D information. The combination of all those pieces of 3D data from all the pixels results in the full 3D scan.

    Caltech's concept allows for the development of a tiny and relatively cheap scanner without sacrificing the accuracy. Dyman & Associates Risk Management Projects reported that the new chip can create scans that closely resemble the original within microns.

    At present, the prototype Caltech has made only has 16 pixels on it, just enough to scan small objects such as coins, but they are reportedly working on scaling it up to thousands of pixels.

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  • teikongei

    Dyman Associates Risk Management: Is Your Money Safe?

    3 years agoReply
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    Is Your Money Safe? Risk Management Blindspots That Cost Investors Dearly

    Both retail and institutional investors who have survived one or more economic recessions have learned that they cannot select their money managers solely on a demonstrated stream of at or above benchmark returns and that they need to include the underlying risk of their investment portfolio in the formula that calculates expected future value. However, the risk denominator in portfolio management analytics may be underestimated or misestimated because of the following three industry problems:

    1. The traditional view of risk is disaggregated

    The traditional view segregates risk into market, credit and operational. In most organizations, both public corporations that issue equity and debt to investors and privately-held asset managers that oversee investors’ money, the various aspects of risk are managed separately.

    Market, credit and operational risk were interrelated in one of the most notorious examples of risk mismanagement — AIG’s failure to meet its liquidity obligations which led to $170 billion government bailout. AIG was heavily involved in writing CDS with its exposure at the height reportedly reaching $440 billion (market risk), which exceeded what the company could pay in claims when the MBS it insured defaulted leading to a liquidity crunch (credit risk). Additionally, there were signs of inherent operational risks: AIGFP was a minimally regulated and separate hedge fund that leveraged the credit rating of the holding company to place big bets with little reserves. Each one of these issues separately did not pause “crash the car” risk, but in aggregate the market, credit and operational risk factors of AIG could have been lethal to the company and the economy( ) safe for the subsequent government bailout.

    2. Regulators are approaching the industry reactively

    Significant regulatory tightening ensued after the 2008 mortgage crisis. According to some critics, regulators may potentially be looking at risk far more reactively by focusing on the problems that have already manifested than proactively identifying new risks that could cause the next business failure.

    3. Operational risks is not adequately represented

    To manage market risk( ) better, most investors are well aware of basic portfolio hygiene principles including the value of diversification, the importance of looking at volatility driven asset correlation, rebalancing, the criticality of subtracting leverage when assessing quality alpha, the value of protecting for inflation through IL bonds or inflation-hedging assets such as real estate. I would argue that operational risk is as big if not a bigger driver of financial loss as market risk. According to Phillipa Girling, a leading expert on operational risk and author: “operational risk in the headlines in the past few years” is hard to ignore: Notorious examples include “egregious fraud (Madoff, Stanford), breathtaking unauthorized trading (Société Générale and UBS), shameless insider trading (Raj Rajaratnam, Nomura, SAC Capital), stunning technological failings (Knight Capital, Nasdaq Facebook IPO, anonymous cyber‐attacks), and heartbreaking external events (hurricanes, tsunamis, earthquakes, terrorist attacks).”

    How can investors make safer investments?

    What could investors do in an environment of confusing regulatory requirements and limited transparency around operational risk? For starters, Investors can raise their awareness and employ alternatives to address the information asymmetry in the following ways:

    1. Select asset managers that demonstrate commitment to operational risk management

    Certainly some asset managers understand and are willing to invest in operational excellence and risk management( ). For example, in the 2014 Review of the Asset Management Industry, the Boston Consulting Group provides an overview of the shadow model where an asset manager can use two counterparties to manage their middle and back office. At Bridgewater Associates, I co-led the implementation of such a model where the firm aimed to create greater transparency, switchability and stay ahead of the regulatory bodies by outsourcing its back and middle office to both BNY Mellon and Northern Trust. FundFire published an article, Bridgewater Divides Industry with Latest Deal, describing the benefits and open questions about the model. It is still early to say whether the industry will embrace this model more broadly.

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  • teikongei

    Dyman & Associates Risk Management Projects: How can you improve your internal controls?

    4 years agoReply
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    How can you improve your risk management and internal controls?

    A quick search of the internet will pull up tons of material on risk management and internal controls, to help you improve your business. All organizations, be they private sectors, not-for-profit or public sector bodies have to adhere to whichever set of governance codes they fall under. One example is the UK Corporate Governance Code that is published by the Financial Reporting Council for listed companies that either have to comply or explain why not. The Sept 2012 version includes code C.2.1 which states:

    ‘The board should, at least annually, conduct a review of the effectiveness of the company’s risk management and internal control systems [ ] and should report to shareholders that they have done so. The review should cover all material controls, including financial, operational and compliance controls.’

    ‘The problem with referees is that they know all the rules but don’t always understand the game.’ Learn this here now.

    We really need to get real since many employees ‘game’ their targets, their result and most of what they do at work to suit themselves. I can’t think of many people who put the needs of their employer above their own personal interests. Which means your improvements to risk management and internal control have to be set within the culture at work, to make any real sense. One way forward is to re-write the Corporate Governance Code to move away from an annual accountant-centric event that means very little to most people, to a more straightforward version. My suggested re-write of the code would be:

    ‘The board should establish a control strategy that is resilient in responding to the changing risk landscape and which ensures all employees retain key risks to acceptable levels through the design, implementation and review of sound controls. The control strategy should guard against fraud, waste, reckless behavior, excessive caution, short-termism and suboptimal results; and be subject to on-going review and disclosed to shareholders on an annual basis.’

    In this way we would hope to see four things firmly in place in all organizations:

    1) A board that takes responsibility for the risk culture in their organization.

    2) Management and teams who understand their key risks and the difference between acceptable and unacceptable behavior.

    3) A suitable range of controls that help guard against fraud, waste, reckless behavior, excessive caution, short-termism and suboptimal results.

    4) A transparent review process that ensures the above is happening.

    If these four things are happening the hope is that there will be fewer headlines that undermine all kinds of organizations, and which ultimately damage the reputation of global economies. I asked whether there is a need to train employees to improve the way they manage risk and sharpen their business controls. I feel the answer is; ‘yes there is’ – which is why Business Controls Training will continue to develop a range of standalone e-learning courses for
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